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The deal, subject to regulatory approval, is expected to complete in the autumn and will deliver a £1 million net gain for Brewin Dolphin post separation costs.

Stocktrade's existing team will transfer over to Alliance Trust Savings if the deal is approved.

Alliance Trust Savings will gain 48,000 new customers and £4.6 billion of assets as a result of the sale, lifting Alliance Trust Savings' assets from £7.2 billion to more than £11.5 billion.

Alliance Trust chief executive Katherine Garrett-Cox stated in a recent boardroom battle with US activist investor Elliot Advisors Alliance would look to acquire platforms in its bid to swell assets under management to a target of £45 billion by 2020.

Commenting on the deal, Alliance Trust Savings managing director Patrick Mill, said: “Stocktrade is a great strategic fit for us, giving us access to new customers, an increase in assets and the opportunity to build a strategic partnership capability.

“It also gives us the ability to align a traditional stockbroking business with our innovative, scalable and cost-effective approach by offering customers online access alongside our in-house customer service team.”

Brewin Dolphin said in a statement: “We believe that clients who want to trade for themselves will benefit from access to a larger combined trading platform.”

Adding: “There is no immediate change for Stocktrade clients, who can continue to conduct business as normal online or by phone.

“We will be working closely with Alliance Trust Savings on the transitional arrangements.

“We will be contacting clients directly over the coming weeks to set out their options.”